Värde Partners is a leading global alternative investment adviser. The firm has invested more than $68 billion since its founding in 1993 and employs more than 300 professionals across 13 offices worldwide. Värde currently manages over $14 billion in assets on behalf of its investors around the world.
Scope of the Project
Elire has been managing Värde’s PeopleSoft Financials environment since 2018 and most recently, the Elire Managed Services team restructured Värde’s GL by implementing a translation ledger along with many reports to support the GL change.
Värde went live with their PeopleSoft Financials system in 2015 with a simple USD-only ledger setup. All of their multi-currency reporting was done offline and was very cumbersome, time-consuming, and prone to user error. Värde does business in over 10 countries and needed the automated currency translation capabilities that PeopleSoft delivers, but this was not going to be an easy task. The team was faced with many legacy reports, challenges on when to cut over to the new translation ledger setup, how to account for the GAAP entries in the old setup while cutting over, and dealing with existing third party automated GL interfaces, among others.
The Elire Managed Services team was successfully able to overcome the many challenges of switching from a single currency to a multi-currency ledger setup and went live at the end of January 2020 once the 2019 year-end close process was complete. Värde now enjoys the seamless and automated translation ledger within their PeopleSoft GL with increased efficiencies in reporting, journal entry, and data analysis.